Pension stuff, how's it all looking ? HAve you prepared ?

[Pirahna]

Non of my stuff has lost, for the last financial year the range of growth is spead between 2.12% and 7.35% depending on the investment. I use a management company to look after things for me, they're not cheap but well worth it.

[Scotsrich]

I've lost 2% over the last year which isn't the end of the world but a long way from what the IFA was promising.

But there again that's their job to sell on the expectation.

I'd take the lot out and stick it into a decent savings account but with it being a pension account I fear I'd get stiffed for tax.

[Count Steer]

For those that are still taking an interest, this article discusses how much you need in the pot for a hypothetical 'comfortable' retirement. What the effect of inflation and account charges are etc etc. The numbers might come as a shock to some.

https://www.fidelity.co.uk/markets-insi ... nAj_OezAHu

[weeksy]

For those that are still taking an interest, this article discusses how much you need in the pot for a hypothetical 'comfortable' retirement. What the effect of inflation and account charges are etc etc. The numbers might come as a shock to some.

https://www.fidelity.co.uk/markets-insi ... nAj_OezAHu

£43,000 a year without a mortgage ? That seems wildly high to me ?

[Count Steer]

For those that are still taking an interest, this article discusses how much you need in the pot for a hypothetical 'comfortable' retirement. What the effect of inflation and account charges are etc etc. The numbers might come as a shock to some.

https://www.fidelity.co.uk/markets-insi ... nAj_OezAHu

£43,000 a year without a mortgage ? That seems wildly high to me ?

Well, it's before tax and they do say it's above the actual average. It also focuses on 'an individual' rather than a couple. Obvs people have different needs but if you start allocating chunks of the after tax figure for Council Tax, utilities, car tax/maintenance (on 2 cars in the example) it soon gets eaten into. It does feel a bit like they're talking about a couple with one pot though - with the reference to 2 cars. The main interest for me was the size of the pot for a given income and the impact of inflation and account charges.

[Count Steer]

£43,000 a year without a mortgage ? That seems wildly high to me ?

Not having a mortgage isn't actually the life changing event that most think it will be.

Your pension meeting your needs obviously depends what you want to do, IMHO if you've been earning £50-75k (or more) a year normally then realistically £40-50k is probably a sensible amount for a couple who want to enjoy an interesting holiday every year and a decent life in between for the first decade of retirement, then you'll probably slow down a bit.

It's a good point. Years ago I 'got someone in' to talk through this stuff and she said something like 'If you don't want it to be a shock and a complete change of lifestyle aim for something that will give you 2/3 of your current income on retirement then taper down over 10 to 15 years'.

TBH the first thing I noticed was how much it had been costing me to go to work. (I was fortunate in that a lot of the time my 'commuting' costs were paid but anyone that eg has to buy a season ticket or lives a distance from work and is constantly filling the car will notice the difference. They didn't pay for the suits etc or the people you have to pay because you don't have the time to do stuff though ).

[weeksy]

Work is the least of my costs, the £1000+ a month on racing, that stings more

[Count Steer]

Work is the least of my costs, the £1000+ a month on racing, that stings more

WFH has changed things a fair bit for a lot of people. In an ideal world people would bank the savings but human nature doesn't work like that.

Anyways I reckon you get the £1k/month worth of pleasure out of it all really.

To anyone starting out at the beginning of the work cycle my key bit of advice would be 'marry well'. I'm still stinging a bit from when my missus joined the company I was with - only stayed a couple of years - but they thought she was worth a slab more ££s than me Don't feel so bad about it now.

[weeksy]

Anyways I reckon you get the £1k/month worth of pleasure out of it all really.

I'm not complaining matey I may well be completely wrong in my thoughts and completely different to many many of the people in here and in the world. But if my last 2 years spending mean i spend 6 months at the end having some fat nurse wiping my arse in a NHS bed that smells of piss, then so be it... I'm giving my lad his dream and doing everything in my powers to give him his future dreams too... I wouldn't change how i'm doing all of this, not for a single second.

[Dodgy69]

For those that are still taking an interest, this article discusses how much you need in the pot for a hypothetical 'comfortable' retirement. What the effect of inflation and account charges are etc etc. The numbers might come as a shock to some.

https://www.fidelity.co.uk/markets-insi ... nAj_OezAHu

£43,000 a year without a mortgage ? That seems wildly high to me ?

It is wildly high in my world aswel.

[Count Steer]

Anyways I reckon you get the £1k/month worth of pleasure out of it all really.

I'm not complaining matey I may well be completely wrong in my thoughts and completely different to many many of the people in here and in the world. But if my last 2 years spending mean i spend 6 months at the end having some fat nurse wiping my arse in a NHS bed that smells of piss, then so be it... I'm giving my lad his dream and doing everything in my powers to give him his future dreams too... I wouldn't change how i'm doing all of this, not for a single second.

...and, at the same time, there will be squillionaires spending their last 6 months in the lap of luxury that haven't experienced half the pleasure (and pain!) out of what they've earned/spent. More power to your elbow* I say.

* if that makes sense to anyone not from the same part of the country that I am.

[Horse]

For those that are still taking an interest, this article discusses how much you need in the pot for a hypothetical 'comfortable' retirement. What the effect of inflation and account charges are etc etc. The numbers might come as a shock to some.

https://www.fidelity.co.uk/markets-insi ... nAj_OezAHu

That does include the state pension.

But still more than I'll be getting in total. Luckily, Filly should have a fair pension to keep me partially in the manner etc.

[the_priest]

Church pension pays out £31k lumpsum and £5k a year in 2038.... just as well we have a paid off house and another pension to rely on. They have cut the pension to the lowest level in decades whilst the Church Commissioners have increased investment holdings to £8billion recently.

Just as well I'm not in it for the money I guess.

[Cousin Jack]

Church pension pays out £31k lumpsum and £5k a year in 2038.... just as well we have a paid off house and another pension to rely on. They have cut the pension to the lowest level in decades whilst the Church Commissioners have increased investment holdings to £8billion recently.

Just as well I'm not in it for the money I guess.

The CofE has quite a lot of things to answer for, among them is how it does love to hoard money.

[Le_Fromage_Grande]

What happens to the money in your pension pot when you die?

[Count Steer]

What happens to the money in your pension pot when you die?

It becomes part of your 'estate' - unlike company or state pensions. (Although with lots of company pensions you can assign a 50% pension to your partner if you predecease them).

[Yambo]

Church pension pays out £31k lumpsum and £5k a year in 2038.... just as well we have a paid off house and another pension to rely on. They have cut the pension to the lowest level in decades whilst the Church Commissioners have increased investment holdings to £8billion recently.

Just as well I'm not in it for the money I guess.

Won't your god provide?

[MyLittleStudPony]

Church pension pays out £31k lumpsum and £5k a year in 2038.... just as well we have a paid off house and another pension to rely on. They have cut the pension to the lowest level in decades whilst the Church Commissioners have increased investment holdings to £8billion recently.

Just as well I'm not in it for the money I guess.

Won't your god provide?

If you believe, then He will. The Lord works in mysterious ways.

[Horse]

Church pension pays out £31k lumpsum and £5k a year in 2038.... just as well we have a paid off house and another pension to rely on.

Just as well I'm not in it for the money I guess.

Won't your god provide?

If you believe, then He will. The Lord works in mysterious ways.

Somehow, I really can't see The Priest setting himself up as a TV evangelist.

[Yambo]

Church pension pays out £31k lumpsum and £5k a year in 2038.... just as well we have a paid off house and another pension to rely on. They have cut the pension to the lowest level in decades whilst the Church Commissioners have increased investment holdings to £8billion recently.

Just as well I'm not in it for the money I guess.

Won't your god provide?

If you believe, then He will. The Lord works in mysterious ways.

It would seem the Church doesn't believe then, or they wouldn't need to provide a pension, however meagre.